Here's Why Waddell & Reed Stock Is Soaring on Thursday
The stock market was having a decent day on Thursday with most major averages showing modest gains, but asset management firm Waddell & Reed (NYSE: WDR) was another story altogether. After 83 years in business and more than 30 as a publicly traded company, Waddell & Reed is being acquired. Australian investment banking and financial services company Macquarie Group (OTC: MQBKY) announced that it has agreed to buy Waddell & Reed for $1.7 billion in an all-cash deal.
